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$71.2-M gem

pink_star_diamond_hongkong copy

HONG KONG (AP) – A stunning 59.6 carat diamond known as the “Pink Star” sold for $71.2 million at a Sotheby’s auction Tuesday in Hong Kong, setting a new world record for any diamond or jewel, according to the auction house.

The oval mixed-cut diamond smashed the $60 million pre-sale estimate set by Sotheby’s when it went on the block.

The crowd in the packed auction room applauded when it was sold for a hammer price of $63 million, not including the buyer’s premium. Sotheby’s Asia Chairwoman Patti Wong said the winning bidder was Hong Kong jeweler Chow Tai Fook.

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